Help Wanted? How is The Great Resignation Affecting Texas?
Help me understand this - how is the unemployment rate in the U.S. so low while millions of people continue to quit their jobs?
The Great Resignation continues, and is Texas going through it?
Employment Rates
Maybe it's just media spin, but I keep seeing reports about how low the unemployment rate in the U.S. is.
USA Today reports that national unemployment in April was at 3.6%, which sounds really good. Those numbers show the U.S. getting back 95% of the jobs that were lost before the COVID 19 pandemic hit.
All sounds great, right?
The Great Resignation
If those numbers are accurate, how is it that business after business continues to remain understaffed?
Although the national unemployment rate is at 3.6%, here in Texas it sits at 4.4% for March. That rate is still low, but according Wall St 24/7, the Bureau of Labor Statistics reports over 4.5 million Americans across the country quit their jobs in March of 2022. That's a recorded for a single month. February quits were at 4.4 million. It's being called "The Great Resignation", and it seems to be getting worse.
In Texas, that number is 411,000 people in March, which is a 10.5% increase from March of 2021.
How can we have such low unemployment rates when record amounts of people are quitting?
Why are So Many People Quitting?
Reason vary but a Pew Research Center survey says low pay, limited opportunities for advancement, and a lack of flexibility are the main reasons people are quitting and searching for better opportunities.
Overall, Texas ranks 24th in the nation with people quitting their jobs. The reasons are what they are and until inflation gets under control, I feel like we will continue to see The Great Resignation continue.
Better paying jobs means people will stay working longer. Enough with the pizza parties. Bring on the raises.